Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, made a significant announcement at the First Nations Major Projects Coalition (FNMPC) conference in Toronto. The two-day conference, which concluded on April 23, brought together 1,700 delegates including Indigenous leaders, businesspeople, and government representatives.
Freeland highlighted the $5 billion Indigenous Loan Guarantee Program, which was unveiled as part of the 2024 federal budget. This program aims to provide affordable capital for Indigenous equity participation in natural resource and energy projects. According to Freeland, this initiative has been in development for several years and is a crucial step towards Indigenous economic prosperity and reconciliation.
Mark Podlasly, FNMPC’s chief sustainability officer, expressed his support for the program, emphasizing the historical barriers faced by First Nations in accessing capital markets. He believes that the new program will unlock billions of dollars in potential projects, leading to a transfer of wealth to Indigenous communities.
Freeland emphasized that the program is sector-agnostic, allowing Indigenous peoples to choose the projects they want to participate in. She acknowledged the complexity of implementing such a program but assured that support will be provided through Natural Resources Canada and a special office within the Privy Council Office.
Overall, the announcement of the Indigenous Loan Guarantee Program at the FNMPC conference has been met with enthusiasm and optimism. It is seen as a significant step towards empowering Indigenous communities and fostering economic growth and prosperity for all Canadians.